We are freed from the law of sin and death's penalty

"Thus sin in us after baptism is in its nature truly sin; but only according to substance, and not in its quantity, quality, or action, for it is wholly passive. The motion of anger and of evil desire is exactly the same in the godly and the godless, the same before grace and after, just as the flesh is the same before grace and after grace; but in grace it can do nothing, while outside of grace it gets the upper hand. Because of this Paul says in Rom. 8[:2], 'For the law of the Spirit of life in Christ Jesus has set me free from the law of sin and death.' Why does he not say that, 'It has set me free from sin and death'? Has not Christ set us free from sin and desth once and for all? Paul, however, is speaking of the proper operation of the law of the Spirit, which does what Christ has merited. Indeed, Christ once and for all absolved and freed everyone from sin and death when He merited for us the law of the Spirit of Life." - Martin Luther, Against Latomus